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Possible Bearish Inside Day Candle Pattern Detected for Crown Castle International (NYSE:CCI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Crown Castle International (NYSE:CCI) based on the price action in the company's shares. Today's price range of $93.82 and $94.50 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Crown Castle International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Crown Castle International have traded between a low of $75.71 and a high of $94.75 and are now at $94.21, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Crown Castle International (NYSE:CCI) has potential upside of 0.7% based on a current price of $94.21 and analysts' consensus price target of $94.85. The stock should discover initial support at its 50-day moving average (MA) of $86.74 and subsequent support at its 200-day MA of $84.27.

Crown Castle International Corp. engineers, deploys, owns, and operates shared wireless infrastructure. The Company offers wireless communications coverage to various United States markets and most of the Australian populations. Crown Castle owns, operates, and manages various wireless communication towers internationally.

SmarTrend recommended that subscribers consider buying shares of Crown Castle International on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.63. Since that recommendation, shares of Crown Castle International have risen 9.3%. We continue to monitor CCI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle crown castle international

Ticker(s): CCI